Gas Prices Soar 51 Cents in Just Two Months

Consumers are taking another huge hit in 2013. First, the two percent Social Security tax hike began the year. Now, gas prices are soaring ever closer to $4 a gallon and have jumped 51 cents a gallon since Dec. 20.

According to the Oil Price Information Service, the national average for a gallon of unleaded was $3.21.9 on Dec. 20, 2012. Today, that price is $3.73.0. While there has been a steady increase, prices shot almost 9 cents just over the weekend.

This President's Day also marked a full month of rising gas prices every single business day, following a very small early year drop. Gas prices began rising Jan. 18, from $3.29.3-a-gallon, and have soared since. If this increase continues, gas prices could threaten or even top the all-time high price of $4.11, set in 2008.

Those higher pump prices hurt consumers, who were already paying more for gas than in decades. The Energy Information Administration (EIA) reported recently that the average household spent more on gas last year, as a percentage of income, than it had in 30 years.

The Hill's Ben Geman wrote on Feb. 4, "the average household spent $2.912 for gasoline in 2012, which makes up almost 4 percent of pre-tax income, tying 2008 for the highest percentage in roughly 30 years." The media actually forecast falling prices in 2012, during the heated presidential election. Many of those predictions failed.